The Student Money Management Center provides free one-on-one coaching sessions for students to help them budget and create financial plans.
Their office is located in the Taggart Student Center at Utah State University. Darrell Harris, the director of the center, said students have the opportunity to meet with one of the six financial coaches in person for an hour-long session.
“There’s a broad spectrum of students who need help right now, and there are some students who really just want to plan for the future, and others who are actually getting ahead financially,” Harris said.
Harris said that in a session, students will fill out a spreadsheet that breaks down their earnings and expenses throughout the year.
Harris said the spreadsheet is formatted to take out taxes based on the standard deduction, and students can enter their scholarships and student loan information.
“Every time I do this with students, they’re like, ‘Oh, that is so relieving. I know how much money I’ll have 18 months from now, if I stick to this plan.’ So it takes the stress off because we just help students do math over time, and the spreadsheet helps them do that,” Harris said.
USU junior Hyrum Teasdale met with a financial coach at the Student Money Management Center in November 2022.
Teasdale said because he saw a breakdown of his monthly expenses, he was able to look at his phone bill and change his plan to a cheaper option.
“The most beneficial thing for me was just finding those areas where I did not need to spend that much money,” he said.
Harris said when it comes to making a budget, students can either look at their spending in the past to see how much they spend, or they can map their expenses going forward.
He said once students have a plan of what they want to budget, it’s important to find a method or system to help them stick to their plan.
One system Harris said he likes to show students is multiple checking accounts.
“You could have all your paychecks coming to your one main checking account, and you use that to pay your monthly and periodic bills,” Harris said. “Then you set up two other checking accounts with an automated monthly transfer to give yourself $200 a month for groceries and automate that, and then give yourself whatever you feel comfortable with for your fun, and automate that.”
By doing this, Harris said students are giving themselves an allowance, and when the money is gone, they should wait until the next month to spend more.
Harris said the Student Money Management Center is a part of USU’s financial support group which also includes the financial aid office and the scholarship office.
“What we’re starting as of the past year or so is that we’re really asking students to do three things each year: complete FAFSA, apply for scholarships, and then meet with a financial coach to help you create a budget and brainstorm ways to reduce spending and increase your income,” Harris said.
Teasdale said when he budgets, it helps him realize he spends money on extra things he doesn’t need to buy.
“I think the whole thing with budgeting and what it really does is it makes you conscious and aware,” Teasdale said.
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Featured photo by Paige Johnson
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